A. Describe your advisory firm, including how long you have been in business.
Identify your principal owner(s).
Jamestown, L.P. (“Jamestown”) is a privately owned federally registered investment advisor
that provides investment management services to pooled investment vehicles and other
funds, as further described below. Jamestown is a Delaware limited partnership founded in
1983 as an investment and management company focused on income-producing real estate
in the United States. Since inception Jamestown has expanded from a regional property
investor into a global, vertically integrated real estate operator with U.S. offices in Atlanta,
GA, New York, NY, Boston, MA, Los Angeles, CA, San Francisco, CA, and Arlington, VA, along
with affiliate offices in Amsterdam, Netherlands, Bogotá, Colombia and Cologne, Germany.
Jamestown’s direct owners are: SPG JTLP, LLC, Christoph A. Kahl and Ute Kahl (through an
investment vehicle), Matt Bronfman (through an investment vehicle), Michael Phillips
(through an investment vehicle), and Christopher Kopecky (through an investment vehicle).
SPG JTLP, LLC is an indirect subsidiary of Simon Property Group, Inc., a publicly traded Real
Estate Investment Trust (NYSE: SPG).
As used in this Brochure, except as the context otherwise requires, the defined term
Jamestown includes Fund general partner or manager entities it controls and Jamestown’s
relying adviser Jamestown Global, L.P. as disclosed on Jamestown’s Form ADV Part 1A.
B. Describe the types of advisory services you offer. If you hold yourself out as
specializing in a particular type of advisory service, such as financial planning,
quantitative analysis, or market timing, explain the nature of that service in greater
detail. If you provide investment advice only with respect to limited types of
investments, explain the type of investment advice you offer, and disclose that your
advice is limited to those types of investments.
Jamestown provides investment management services consisting of portfolio management
and investment management services for pooled investment vehicles and other funds. As
used herein, “Fund” refers to Private Funds, Non-Alternative Investment Funds, and the US
Investor Real Estate Funds (all of which are considered “clients” in the ADV Part 1). Non-
Alternative Investment Funds are those that were organized and syndicated prior to July 22,
2013, and not subject to the EU Alternative Investment Fund Managers Directive. US
Investor Real Estate Funds are those that are offered exclusively to retail investors in the
United States via the platform located at jamestowninvest.com (the “Jamestown Invest
Platform”), pursuant to Regulation A or Regulation D of the Securities Act of 1933.
Jamestown Invest 1, LLC (“Jamestown Invest 1”) was launched in September 2019, and the
fund stopped accepting new investors as of July 2022.
Jamestown, L.P. 5 March 30, 2024
Jamestown specializes in investments in the office, retail, multi-family, and mixed-use real
estate sectors, as well as in timber properties, either directly or through majority owned
subsidiaries. Jamestown or an affiliate acts as the general partner for each Fund who
identifies and recommends investment opportunities for the Funds, monitors, and evaluates
the investments of the Funds, and makes recommendations regarding the purchase and/or
sale of investments by the Funds. Jamestown’s vertical integration comprises most real
estate disciplines including acquisitions, capital markets, property management, asset
management, retail leasing, design, development, construction, creative, tax, accounting,
legal, sustainability and risk management.
Jamestown serves as the investment adviser to:
each of seventeen pooled investment vehicles consisting of:
one Non-Alternative Investment Fund:
(i) Jamestown Co-Invest 5, L.P.
sixteen Private Funds:
(i) Jamestown 29 L.P. & Co. geschlossene Investment KG
(ii) Jamestown 30 L.P. & Co. geschlossene Investment KG
(iii) Jamestown 31 L.P. & Co. geschlossene Investment KG
(iv) Jamestown 32 L.P. & Co. geschlossene Investment KG
(v) Jamestown Latin America Fund, L.P.
(vi) Jamestown Timberland Fund, L.P. (Jamestown’s Open-End Timber Fund
not to be confused with the Closed-End Timber Fund described below)
(vii) Jamestown Premier Property Fund, L.P., and four parallel funds of
Jamestown Premier Property Fund, L.P.
(viii) Jamestown Premier Property Fund (Class Q), L.P.
(ix) Cologne Holdings, L.P.
(x) Jamestown Premier Property Fund (OP Feeder), L.P., and
(xi) Jamestown
Premier Property Fund (German Feeder), L.P.
(xii) 1155B Co-Investment, L.P.
(xiii) JT IDB Investors, L.P.
(xiv) PCM Co-Investors, L.P.
(xv) PCM-G Investor, L.P. and
(xvi) OTS-G Investor, L.P.
and the US Investor Real Estate Fund: Jamestown Invest 1, LLC.
Five funds for which Jamestown serves as the investment adviser are closed-end funds that
invest in real estate in the United States and are offered exclusively to German investors:
Jamestown 29 L.P. & Co. geschlossene Investment KG, Jamestown 30 L.P. & Co. geschlossene
Investment KG, Jamestown 31 L.P. & Co. geschlossene Investment KG, and Jamestown 32 L.P.
& Co. geschlossene Investment KG (collectively, the “Alternative Investment Funds”) and the
Non-Alternative Investment Fund. The Alternative Investment Funds were syndicated in
Germany after July 22, 2013, and are subject to the Alternative Investment Fund Managers
Directive and to the supervision of the Bundesanstalt für Finanzdienstleistungsaufsicht
Jamestown, L.P. 6 March 30, 2024
(“BaFin”). Collectively, the four Alternative Investment Funds and the Non-Alternative
Investment Fund are referred to as the “German Investor Real Estate Funds”.
A related party currently owns, and may own from time to time in the future, investments
directly in and/or outside of any Fund or through a proprietary account. In addition,
Jamestown Europe GmbH and Jamestown Europe Management B.V. (collectively,
“Jamestown Europe”), companies organized in Germany and the Netherlands, respectively,
are managing real estate projects located in Europe. Equity for assets in Europe has been
provided by certain of the principals and executives of Jamestown and by two experienced
European institutional investors with a long history of investing both in Jamestown
institutional funds and alongside Jamestown. Jamestown does not advise such accounts with
regard to investing in, purchasing, or selling securities and does not maintain custody over
such assets. Jamestown also advises and sponsors one closed-end institutional timber fund
(the “Closed-End Timber Fund”). These proprietary accounts, Jamestown Europe,
Jamestown’s Closed-End Timber Fund, and certain real estate separately managed accounts
are not included in Regulatory Assets under Management or reported in dollars in custody
and are not considered “clients” in the ADV Part 1.
C. Explain whether (and, if so, how) you tailor your advisory services to the individual
needs of clients. Explain whether clients may impose restrictions on investing in
certain securities or types of securities.
Jamestown tailors its services to the specific needs of each particular Fund by complying
with the terms of each Fund’s governing documents. Jamestown or its affiliates have entered
into agreements that alter or supplement an investor’s economic, legal or other rights or
obligations with respect to such investor’s investment in a Private Fund (commonly referred
to as “side letters”). Such agreements involve, among other matters, certain investors
receiving different economic returns, agreements to permit certain transfers of interests in
the Private Funds, and modifications to subscription agreements. Such agreements are
solely at the discretion of Jamestown or such affiliates.
D. If you participate in wrap fee programs by providing portfolio management
services, (1) describe the differences, if any, between how you manage wrap fee
accounts and how you manage other accounts and (2) explain that you receive a
portion of the wrap fee for your services
Jamestown does not participate in wrap fee programs.
E. If you manage client assets, disclose the amount of client assets you manage on a
discretionary basis and the amount of client assets you manage on a non-discretionary
basis. Disclose the date “as of” which you calculated the amounts.
As of December 31, 2023, Jamestown managed $7,076,357,188 in assets based on gross asset
value for the funds including uncalled but committed capital (Regulatory Assets under
Management, “RAUM”). Of the RAUM, Jamestown managed $6,018,273,134 in assets on a
discretionary basis and $1,058,084,054 in assets on a non-discretionary basis.
Jamestown, L.P. 7 March 30, 2024
As stated above, the proprietary accounts, Jamestown Europe, Jamestown’s Closed-End
Timber Fund, and certain real estate separately managed accounts are excluded from our
RAUM but increase our assets under management by $2,040,683,963 in discretionary assets
to a total assets under management of $9,117,041,151 based on the gross asset value for the
funds.